Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,669/mo
+$408/mo- Down payment
- $0
- Funds due
- $10,350
- Interest + MI left
- $333,476
- First ends
- Nov 2052
New loan
New conventional
$2,261/mo
Lowest payment- Down payment
- $29,998
- Funds due
- $38,285
- Interest + MI left
- $394,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,403 | $269,982 |
| Second mortgage | — | — |
| First P&I | $2,027.40 | $1,828.95 |
| Second P&I | — | — |
| Mortgage insurance | $263.60 | $54.00 |
| Taxes, insurance & HOA | $378.00 | $378.00 |
| Total housing payment | $2,669.00 | $2,260.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,350
Usable credit−$0
Total buyer cash needed$10,350
Earnest money paid−$0
Remaining funds due$10,350
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.80
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$440.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 11 moOf the original 30-year loan at 5.13%
Interest already paid$75,605Through Dec 2026
Assumption only · ends Nov 2052$333,476
New conventional · ends Jan 2057$394,758